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PECO Announces $550 Million First Mortgage Bond Sale

Stocks in this article: EXC

PECO today announced that it has priced $550 million of first mortgage bonds in two series consisting of $300 million 1.20 percent first mortgage bonds due Oct. 15, 2016, and $250 million, 4.80 percent first mortgage bonds due Oct. 15, 2043. PECO will use the net proceeds from the sale of the bonds to pay at maturity $300 million aggregate principal amount of its 5.60 percent first mortgage bonds due Oct. 15, 2013, and for other general corporate purposes. The sale is scheduled to close on Sept. 23, 2013.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC are leading the offering as active joint book-running managers. Mizuho Securities USA Inc. and RBC Capital Markets, LLC are serving as passive joint book-running managers, BNY Mellon Capital Markets, LLC, and KeyBanc Capital Markets Inc. are serving as senior co-managers, and Blaylock Robert Van, LLC and Muriel Siebert & Co., Inc. are serving as co-managers for the offering.

An automatic shelf registration statement relating to the sale of the bonds became effective upon filing with the Securities and Exchange Commission on May 29, 2012. The offering is being made by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated at (800) 294-1322, Credit Suisse Securities (USA) LLC at (800) 221-1037 and Wells Fargo Securities, LLC at (800) 326-5897. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities.

Cautionary Statements Regarding Forward-Looking Information

This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. The factors that could cause actual results to differ materially from the forward-looking statements made by PECO include those discussed herein as well as the items discussed in (1) PECO’s 2012 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note 19; (2) PECO’s Second Quarter 2013 Quarterly Report on Form 10-Q in (a) Part II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and (c) Part I, Financial Information, ITEM 1. Financial Statements: Note 18 and (3) other factors discussed in filings with the Securities and Exchange Commission by PECO. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Current Report. PECO undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Press Release.

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